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Friday, 26 February 2016

BULLS WELCOMING BUDGET

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The
market has ended higher in the last trading session ahead of Union Budget. The Sensex
ended up 178.30 points or 0.8 % at 23154.30, and the Nifty gained 59.15 points
or 0.8 % at 7030. The market breadth continued to be weak as about 1380 shares
declined against 988 advancing shares on the BSE. Equity benchmarks remained
strong after Macro Economic Survey. The economic survey from the finance
ministry called for fiscal prudence and stable inflation, while acknowledging
the risks to growth, although it also called for a review of India’s
medium-term fiscal strategy. Nifty fell 2.5% this week as caution largely
prevailed ahead of the Union budget to be presented on Monday. The beginning of
the March series in derivatives contracts and positive global cues kept mood
upbeat. The rupee recovered 7 paise to 68.65 against the US dollar in early
trade today at the Interbank Foreign Exchange market on selling of the US
currency by exporters and banks amid a higher opening in the domestic equity
market.Stocks
of fertilizer companies remained on buyers’ radar on hopes that the government
may announce some important measures for reviving agriculture economy in the
Union Budget 2016-17. Asian markets ended higher on Friday, as a firmer finish
on Wall Street, oil’s overnight gains, a weakening yen and soothing comments by
Chinese authorities over the state of the economy and chances of more stimulus,
helped prop up investor confidence, heading into the G20 finance ministers’
meeting in Shanghai.Shares like Coal India, SBI, Hindalco, NTPC and L&T
were among the top gainers. On the other hand, Bajaj Auto, Hero, Lupin, Bharti
and Wipro were among the losers